cfabar1

Yes they do usually come with AF increases, but I doubt they will this time.

I think Amex Platinum would be wise to incorporate 2x on Groceries up to $50k or something to that affect right now.
Maybe throw in a 5x on streaming and wireless services
They could also partner with amazon to allow for 2x points on Amazon or something to that affect.

I also think part of the equation they have to consider is what are these points even worth right now. The best redemption has always been for travel. It is great to say you are earning all these points, but with nowhere to spend them on, to a certain extent who cares how many hundreds of thousands of MR points I have.

Diplomatico

Yes. After the most recent "refreshes", these cards' annual fees increased:

Business Platinum card: $495 to $595

Platinum card: $450 to $550

Gold card: $195 to $250

Green card: $95 to $150

kdm31091

I think that is a totally valid point. Multipliers are great, but the points still have fairly limited utility outside of travel redemption unless you have a Schwab card. But I'm sure Amex is hoping whatever multipliers they come up with will get people to defer cancelling until they can redeem their points for travel. The problem is nobody really knows when travel is going to be normal again.

Adelphos

It seems like a lot of people have been given the open to pay for their annual fees with points at $0.01 per point when calling the reconsideration line. Maybe you will see statement credits or other redemption options outside of travel enhanced for non-Schwab holders.

Diplomatico

Nothing new about that....it's been the default "pretend to extend a retention offer when you're not really offering anything" option for several years.

zorbachs

I agree with others. A bunch of temporary Amex offers won't do much to influence my decision on whether to keep the card or not. I don't have any hope that they will add a dining bonus, and streaming makes no sense unless it's a temporary credit for Netflix, which sounds weird for the typical Platinum card holder that is 51 years old and makes over $250k/year.

theboss7593

Yep, I'm not 51 in fact I'm not even 30 but I'm in that income area and I have ZERO point ZERO interest in credits.

I want better point earnings or redemptions. Having the 2X go down to 1.5 on redemption 2 years ago was a huge bummer. When earning a million points plus a year can be doubled that's where we are talking value and would impact whether someone stays or goes.

(I feel repetitive now but it's the truth) The $10 credits just tack on the dopes that shouldn't even have the platinum to begin with. The ones that use the lounge once a year, sell the gift cards, use the saks credits down to the penny just so they can rationalize the AF in their heads. Among other dumb things. The level of cheapness and stingy behavior, makes me sick. And look I'm not saying fork over money carelessly but the general rule of thumb is you shouldn't even be getting a PLAT unless your spending bucks (at the very least 30K a year) OR traveling 10x times a year where a lounge is accessible because there are 10 other cards out there for small spenders that will yield higher all day everyday.

Then you have the same people that cry when then don't get a retention offer for spending 5K a year on the card.

*Newsflash* even my 7 figure spend AMEX could careless about. Even low 8 fig friends they don't even bat an eye at. They really don't. 99% of us have ZERO impact on their decisions.

Bring on the titanium (2X on everything 3x on dining etc and if you want to make us keep the money within AMEX offer 2-3X cash redemption into a AMEX yield account with a minimum 6 months locked in before cash out) and start purging the ones that are using the system to justify the AF, they aren't profitable to AMEX anyway. (and it takes away the wonderful benefits to those of us who really do use them)

If you have any doubt to what I'm saying go on facebook and look at the AMEX facebook groups, boy oh boy the platinum crowd which once really did cater the 100-250K a year crowd and traveling crowd is now catering to the 30K a year getting out of my debit card into my first charge card crowd. At that point any thought in your head of it being a premium card just went right out the window.

Gig103

I definitely disagree with your rule of thumb. Why would you consider annual spending at all (whether $30k a year or otherwise) when looking at a Platinum card unless it's all prepaid hotels and flights? And don't even limit it to the 10x a year lounge visit, not everyone values the lounge the same as you, or they have family members in tow that triple the per-visit value.

I do agree in a sense that the increased perks and credits changed the baseline customer. There are fewer people willing to pay $250 (after airline credit) for lounge access, concierge, and IAP, than there are people willing to spend $50 (after all the credits) for the same benefits. But at the same time, revenue from those new customers did help facilitate the new Centurion Lounges being built!

Edit: Your comment about changing demographics also is key because Amex needed to compete against the CSR.

theboss7593

The family in tow point is a good one. Granted your capped at what 2 guests nowadays right? So if you are a family of 2-3-4 whatever your spending abilities should go up to coincide with that. 30K spend becomes a lot easier to attain on the personal side with more than 1 person.

30K spend calculation is easy. Amex points are valued at 2 cents each. = $600 a year covers the biz or reg AF. at least beats your breakeven before you factor all the other stuff in. that may or may not be used.

Lounges normally cost $50 a visit so unless your visiting the lounge a total of 11-12 times depending on biz or personal it doesn't pay for itself. Then whatever your annual spend is meaningless which is why I said Annual Spend is DQ'd if you use the lounges more than 10X.

Compete against the CSR all you want but the big money is not that demographic. I can get 3% cash back no cap in other places that are not Chase or Amex, keep lowering the benefits or redemptions and you'll start to lose the bigger money.

3% on a Mil a year is 30K a year. 10 mil a year = 300K a year starts adding up real fast. Then all you'll have is people using it for its rewards and not actually spending on it.

The more and more travel blogs keep feeding information the less and less rewards become available, the price of the rewards goes up etc. AF are important but having hundreds of millions of dollar of charges thru their interchange is more important to them. Remember they are taking 3-4%.

holyPockets

Newsflash for you: Those "dopes" are profitable to Amex. The dopes are likely subsidizing your benefits, not the other way around. Most of the FT people aren't profitable customers.

$550 - $200 - $50 - $50 is still $250 plus any swipe fees. A no annual fee offering would take, what, $10,000 - $20,000 in annual spend to generate $250 in bank profit?

You are correct that Amex Plat is a pseudo premium card. Almost all of them are.

nall

According to rumor on doctorofcredit.com, the Amex Plat will add through the end of the year:

• $20 per month credit for streaming services
• $20 per month credit for wireless mobile services

notquiteaff

source?

Adelphos

Would be worth about $280 for me. Combined with Uber and Saks Credits ($350 for me even with reduced travel), this makes up the $550 fee. Would be a decent offer if it is indeed true. Would love similar offers for the Delta Reserve and Bonvoy Brilliant.

kyh

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trikotret

Amex announced the special credits for certain cards and skipped the Amex gold card. That sucks. At least give us a way to use the travel credit.